first deal maybe? - Posted by serano

Posted by Sean on July 17, 2003 at 22:00:26:

125k in worth 180k… if those numbers are right, sounds like a good straight option canidate to me, if they aren’t willing to just deed the house to you outright.

Definately sounds like a live one.

first deal maybe? - Posted by serano

Posted by serano on July 17, 2003 at 20:51:33:

I received a call today from a guy who is going through a divorce and they just want out of the house here are the details:
3br/ 1 bath
1st mortgage is 119,000
2nd mortgage is 5500
they say they want out and not intrested in lease option the homes in that area are going for 180,000 they are not behind in there mortgage what should i do this is my first deal i was thinking of locking it up at that price and fliping it to another investor

Re: first deal maybe? - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on July 17, 2003 at 23:09:50:

Serano---------

Depends upon the condition of the property. If it is rough, do as you suggest. If it is pretty good to very good, get a deed, taking the property subject to the existing financing. Then advertise strongly and sell to a homebuyer-type prospect for close to market value. If you sell for about 10% less than market value, you should be able to make a good profit.

Good Investing******Ron Starr************